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![]() Some solar incentives are often also provided by state and local governments. Your local Newnan solar panel installation experts can answer your questions and explain how the new Clean Energy Credit will apply to you. More information about the new Inflation Reduction Act can be found here. Starting in 2023, the expansion will also make claiming credit for energy storage systems easier than ever before. The total credit will then see a slight annual decrease until the date of expiration. You can now apply for a 30% credit for solar systems that began installation after Januand are completed by the end of 2032. The new Clean Energy Credit now runs until 2035. In August 2022, the Inflation Reduction Act expanded and extended the ITC, now referred to as the Clean Energy Credit. To better understand how the ITC will apply to you, call your local Newnan solar panel installer and ask for more information. There is no cap on the amount you can claim. Originally, the tax credit was for 30% of the total cost - for panels, accessories, equipment and labor - although the percentage may range from 26-30%, depending on when your solar project was undertaken. The ITC applies to solar systems installed after Januon a primary or secondary residence that you own in the United States. This is a tax credit for a predetermined percentage of the cost of your solar system. A federal incentive many people are likely familiar with is the Federal Solar Investment Tax Credit (ITC). When thinking about solar incentives, federal incentives are likely the first thing that comes to mind. You may also qualify for an exemption on sales tax at the time of purchase. Tax Exemptions: These might come in the form of property tax exemptions, which allow you to ignore the value added by your solar panels when paying property tax on your home. ![]() (This is different from a tax deduction.) Tax Credits: Tax credits are dollar-for-dollar reductions in the amount of income tax that you owe the government.They will then deduct this value from your utility bill each month. Net Metering: You can sign a net metering agreement with your Newnan utility company, that may apply to all or a percentage of the excess electricity your solar panels generate.These rebates might be provided by your local utility company, by your county or by your state. Rebates: Rebates, or partial refunds after a purchase, are typically given prior to any solar tax credits being calculated.You might qualify for any of the following types of solar incentives: Some incentives come from your specific utility company, county or municipality, some from the state of Georgia and others from the federal government. You might be eligible for several kinds of incentives, including cash back, discounts or credit towards your monthly utility bill, depending on your situation. Solar incentives encourage people to switch their home over to renewable energy by offering financial incentives that lower the burden of solar panel installation and use.
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